Sony Ericsson denies interest in LG-Nortel stake

Sony Ericsson said it has no interest in acquiring Nortel Networks' stake in LG-Nortel, its venture with LG Electronics, according to Reuters. South Korean online publication eDaily initially reported the handset maker and Alcatel-Lucent were among those interested in purchasing the stake.

"It's definitely not us. There must be some kind of confusion," Aldo Liguori, Sony Ericsson's corporate vice president of global communications, told Reuters."I'm sure if it's something of that importance, I would know about it." 

A representative from Alcatel-Lucent declined to comment, citing a company policy against commenting on rumors and speculation.

The eDaily report, citing an unnamed banking source, said that the two industry players, along with JP Morgan's One Equity Partners and Korean investment firm SkyLake Incuvest, were on a short list of firms with interest in the Nortel stake.

Meanwhile, LG reiterated its committment to LG-Nortel. LG-Nortel was formed in 2005 and had revenues last year of around $1 billion.

For more:
- see this Reuters article
- see this Reuters update

Related Articles:
Nortel confirms desire to exit LG joint venture
Report: Nortel wants to exit LG joint venture

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